Case T- 180/15 Icap and Others v Commission (Yen interest rate derivatives cartels) [Archived]
Case T- 180/15 Icap and Others v Commission (Yen interest rate derivatives cartels) [Archived]

The following Competition guidance note provides comprehensive and up to date legal information covering:

  • Case T- 180/15 Icap and Others v Commission (Yen interest rate derivatives cartels) [Archived]
  • Case facts
  • Timeline
  • Commentary
  • Relevant/similar cases

CASE HUB (NOTE—appeal lodged by the Commission before the Court of Justice in Case C- 39/18 P7)

ARCHIVED—this archived case hub reflects the position at the date of the judgment of 10 November 2017; it is no longer maintained.

See further: timeline, commentary and relevant/similar cases

Case facts

Outline Appeal to the General Court seeking annulment (in whole or in part) and/or reductions in the level of fines imposed regarding the Commission's decision of 4 February 2015 finding six infringements of Article 101 TFEU and imposing fines totalling €14.9m on international broker, Icap, for Icap's alleged facilitator role in relation to six cartels concerning the market for interest rate derivatives denominated in Japanese yen ('Yen interest rate derivatives cartels’).

Outcome On 10 November 2017, the General Court partially annulled the Commission’s decision (including the provision imposing a €14.96m fine) having identified a number of defects with the decision. In particular, the General Court was not satisfied that Icap’s participation could be confirmed in one of the cartels, that Icap’s involvement in three other cartels was as long as stated and, finally, that the Commission had adequately explained the methodology it employed in determining the level of